This is a daily technical analysis of the Coindesk analyst and rented market technician Omkar Godbole.
The consensus in the Bitcoin
The market is still optimistic despite the fact that the price has remained above $ 100,000 every day, the bar one for two months, with the projections of analysts for resistance levels ranging from $ 140,000 to more than $ 200,000.
One way to identify these levels is to use trend lines, which are price graphics lines that connect the main ups and downs. They provide visual signals about impulse and management, helping merchants identify support and resistance levels.
Connecting the maximum of the 2017 bull market of around $ 20,000 and the maximum 2021 of almost $ 70,000 and extending the line forward can help highlight the level where sale pressure could arise.
At the time of writing this article, this line of trend indicates resistance to approximately $ 115,300, according to the data source view.
The same line of trend limited upwards in December and January, racing the way for a correction that saw prices fell to a minimum of $ 75,000 in April.
Registration scale resistance to $ 220k
That said, the previous graph is a monthly graphic at a linear scale or arithmetic scale. It shows the changes of absolute prices, a characteristic that makes it appropriate to analyze the short -term trends.
However, the potential resistance price can be less reliable than the derivative of the long scale table, which includes significant percentage movements, making the lines of trend and resistance levels more precise and more significant.
Connect the maximum 2017 and 2021 in the monthly graph at logarithmic scale align the resistance to approximately $ 223,000, instead of $ 115,000. The resistance of the logarithmic scale trend line is probably more consistent with the exponential growth pattern of the past markets of Bitcoin.
